TradingShot
Long

BITCOIN Accumulation in play before a major rise?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is just an interesting pattern that I run too while comparing candle formations in 2019. The current price action resembles two previous patterns both of which delivered +50% gains on their final stage.

The pattern has 4 phases before the major rise:


* Sell off, where the price is aggressively sold after a peak. Possibly profit taking.

* Accumulation, where buyers emerge and defend the support.

* Recovery, where the peak before the sell off is recovered.

* Consolidation, where the majority of buyers join in before the +50% rise.


I don't know if Bitcoin can deliver such a rise this time mainly due to the 1W Descending Triangle bias and investor psychology after trading sideways on Lower Highs for over 2 months. The medium term bias remain neutral towards a monthly consolidation. But it is interesting bringing that pattern up as the similarities are too obvious to ignore.

After all keep in mind that the current levels still present a long term buy opportunity we are unlikely to see again.

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Moe_mentum Moe_mentum
@Moe_mentum, megaphone
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Maybe.... It’s a descending triangle :/
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i just love how this guy gets rekt everytime !
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Hey stranger. If I were you, I'd visit my profile.
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